PeopleSearch brings the 《2024 Pharmaceutical Industry Market Talent Trends In China》by summarizing the past changes and future direction of the pharmaceutical industry from three dimensions: industry talent market, organizational development, and candidate thinking.

Now, PeopleSearch Pharmaceuticals team is relaunching the English version of the report, which provides in-depth analysis and insights for a global perspective focused on the Chinese market.

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Contents

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01 TALENT MARKET

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Talent Demand

From incremental market to augmented market.

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In 2023, news of layoffs at pharmaceutical companies occurred almost weekly, affecting various roles from sales representatives to commercialization, R&D, and other departments. This created a widespread sense of anxiety among pharmaceutical professionals.

Many believe that 2023 might be the best year of the next decade, as they are pessimistic about the future prospects of foreign-funded pharmaceutical companies in China and doubt the ability of biotech firms to survive the challenging times ahead.

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Talent Preference

Stability outweighs culture, survival outweighs adaptation.

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In 2023, MNCs and big pharma became more attractive to job-seekers seeking stability, marking a shift from 2022 trends. As biotech bankruptcies surge, the industry favors larger, faster firms. Companies that fail to adapt or embrace diverse cultures risk early elimination, missing the chance for first-in-class (FIC) or best-in-class (BIC) success. Adaptability is now crucial for survival.

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Talent Compensation

Lowered expectation, slower salary growth.

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In 2023, the pharmaceutical industry slowed down, returning to a more rational pace after years of rapid growth. Biotech companies, once fueled by capital influx, also reduced their expansion, with some selling off assets to survive.

This created a “job scarcity“ where multiple candidates competed for fewer positions. Many professionals accepted pay cuts or moved to lower-paying roles at foreign-funded or large domestic companies to weather the “market winter“.

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02 ORGANIZATIONAL CHANGE

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Part 1

The pairing of efficient organizations and core products becomes a common consensus.

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In 2023, the global pharmaceutical market entered a downturn, with intensified competition in China. Major MNCs restructured their business departments, pipelines, and personnel to refine their strategies and business models. Their top priorities were building efficient organizations and strengthening core products to better position themselves in the Chinese market.

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Part 2

Younger employees become the new choice for organizational iteration.

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A look at the management of ten MNCs shows a trend toward younger employees, with nearly 60% of commercialization team directors born in the 1980s. Phrases like “new generation succession,” “organizational updates,” and “employee optimization” prompt concerns that the pharmaceutical industry may be experiencing a middle-age crisis, similar to that seen in the tech industry.

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Part 3

Digitization and AI rise strongly, helping organizations improve operational efficiency.

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In the realm of employee and organizational efficiency, AI technology is increasingly crucial for streamlining operations. It optimizes processes, automates tasks, and minimizes human error, resulting in more efficient and sustainable organizational operations.

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03 CANDIDATE MINDSET

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Lower visibility confounds leadership

Adopt an international perspective for inclusiveness

Seek new ways out and maintain vital resilience

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Download the full report for free

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If you’re interested in gaining professional insights such as salary guidelines for various functional departments, learning more about popular positions in the pharmaceutical industry, or if you have recruitment or job seeking needs, we warmly invite you to reach out to Tom at PeopleSearch!